An Economic Analysis of Grid-tie Residential Photovoltaic System and ?Oil Barrel Price Forecasting: A Case Study of Saudi Arabia

Abstract

The demand for electricity is increasing daily due to technological advancement, and ?luxurious lifestyles. Increasing utilization of electricity means the depletion of fossil fuel ?reserves. Thus, governments around the world are seeking alternative and sustainable ?sources of energy such as the solar powered system. The main purpose of this research is ?to develop a knowledge base on residential electric generation from the grid and solar ?energy. This paper examined the economic feasibility of using grid-tied residential ?photovoltaic (GRPV) system in Saudi Arabia with the HOMER software. Models ?forecasting the price of oil barrels through artificial neural networks (ANN) were also ?employed in the analysis. The study shows that an oil-rich country like Saudi Arabia has ?potential to utilize the GRPV system as an alternative source of energy.